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Ellison Rex

As the Netflix conquest of Warners looks more like a fait accompli, a new Paramount Skydance preliminary proxy statement once again argues for the supremacy of its bid—and with a couple of new persuasive arguments. But is PSKY’s reluctance to raise its bid a sign of an Oedipal test, or the inevitable realization that it’s time to move on?

David Ellison
The opening scene of Reeves Wiedeman’s profile of the Ellisons, in New York magazine, portrays a younger David at his wit’s end when his acting in 'Flyboys,' which his father helped finance, was met with criticism. He was apparently so deeply upset by the idea that he’d let his father down, financially and personally, that he experienced a bout of atrial fibrillation serious enough for doctors to shock his heart back into rhythm. Now, perhaps, David requires another type of intervention. Photo: Alamy
William D. Cohan
January 25, 2026

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At this point, everyone knows what needs to happen for the Ellisons to persuade the board and shareholders of Warner Bros. Discovery to break up their deal with Netflix and submit to the skylords at Paramount Skydance. In the simplest of terms, Larry has to write a check for an additional $12 billion or so to raise the family’s bid to $34 per share, as well as commit to covering certain incidentals, such as the $2.8 billion breakup fee that WBD will owe Netflix. And yet, it hasn’t happened. Instead, for the past six weeks and counting, the Ellisons have chosen to wage a multifaceted and superficial seeming tender/proxy/P.R. war.